Funding arb · Price arb /

HYPE

all HYPE markets

Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 07:00 UTC+0.0021%/8h= +2.3% APRpaid last 24h −0.005%

Price spread now: ApeX Omni against Paradex−0.112%50s7-day average −0.023% · you buy dearer than you sell

Net, funding: paid 7d − costs—under 7 days of funding history

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$240.243% of the position

Long on Paradex Short on ApeX Omni

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)+0.005%+$1 on $10k

Price spread, last 4 days (all we have)−0.040%−$4 · spread now −0.112%, 7d avg −0.023%

Together, before fees−0.035%+ Points / potential airdropParadex: Active · farm board−$3 on $10k · with fees, hour by hour

Funding pays, the price is against you. ApeX Omni is 0.089% cheaper against Paradex than usual: you would sell low and buy high (spread −0.112% now, against its 7-day average of −0.023%). If the spread goes back, that is −$9 on $10k: about 14 days of funding at the current rate (+$1 a day). At the pace of the last 4 days (+0.005% in total) that is about 2 months. The two prices were read 50 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Paradex HYPE-USD-PERP	94.367	0.0079	pay 0.0079% / 8h	1h 14m	$337K	$156K	20x
Short	ApeX Omni HYPEUSDT	94.261	0.0100	get 0.0013% / 1h	14m 30s	$363K	$1.0M	50x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

ApeX Omni against Paradex. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee ParadexbpFee ApeX OmnibpOrdersPrice spread, now −0.112%Rate

Funding earned: $4.42
Price spread: −0.112% → −0.023%: −$8.94
Slippage, 4 orders: −$10.32
Fee Paradex: 2 bp × 2 orders: −$4
Fee ApeX Omni: 5 bp × 2 orders: −$10
Net: −$28.83
Costs to cover: 0.243%
Break-even: 52.6 days

Slippage from Paradex: live order book, 30 min ago; ApeX Omni: live order book, 4 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Paradex live order book, 30 min ago	1.66 bp	3.7 bp −$4	9.5 bp −$95	doesn't fit	doesn't fit
Sell ApeX Omni live order book, 4 min ago	2.01 bp	8.5 bp −$8	12.6 bp −$126	doesn't fit	doesn't fit

HYPE on 54 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hibachi HYPE/USDT-P	−0.1112%	1h	94.144	−0.236%	$200K	$236K	7x	as long as short
Aftermath Perps HYPEUSD	−0.0181%	1h	94.241	−0.133%	$22K	$21K	10x	as long as short
Hotstuff HYPE-PERP	−0.0080%	1h	94.327	−0.042%	$3K	$331	25x	as long as short
Bullet HYPE-USD	−0.0059%	1h	94.266	−0.107%	$111K	$579K	20x	as long as short
Ondo Perps HYPE-USD.P	−0.0054%	1h	94.240	−0.134%	$709K	$1.2M	10x	as long as short
01 Exchange HYPEUSD	−0.0032%	1h	94.325	−0.044%	$86K	$367K	20x	as long as short
Bluefin HYPE-PERP	−0.0018%	1h	94.319	−0.051%	$80K	$155K	20x	as long as short
Orderly PERP_HYPE_USDC	−0.0012%	4h	94.299	−0.072%	$146K	$685K	20x	as long as short
dYdX HYPE-USD	0.0000%	1h	94.369	+0.002%	$129K	$26K	5x	as long as short
Bybit HYPEUSDT	0.0000%	8h	94.277	−0.095%	$317.3M	$289.4M	75x	as long as short

Show all 54 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kalshi KXHYPEPERP	0.0000%	8h	94.399	+0.034%	$1.8M	$5.6M	2.3x	as long as short
Perpl HYPE	0.0000%	43m	94.359	−0.008%	$19K	$290K	10x	as long as short
gTrade (Gains Network) HYPE/USD	L +0.0002% / S −0.0001%	1h	94.343	−0.026%	$84K	—	150x	as long as short
Phoenix HYPE	+0.0017%	1h	94.307	−0.063%	$209K	$1.1M	10x	as long as short
Bitget HYPEUSDT	+0.0054%	4h	94.271	−0.101%	$227.2M	$99.2M	75x	as long as short
Phemex HYPEUSDT	+0.0054%	8h	94.271	−0.101%	$12.9M	$2.8M	50x	as long as short
Paradex HYPE-USD-PERPlong	+0.0079%	8h	94.367	long leg	$337K	$156K	20x
Arcus HYPE-USD	+0.0084%	1h	94.293	−0.078%	$1.0M	$3.5M	10x	as long as short
edgeX HYPEUSDC	+0.0084%	4h	94.260	−0.113%	$5.0M	$30.7M	30x	as long as short
Lighter HYPE	+0.0096%	1h	94.331	−0.038%	$16.3M	$64.4M	20x	as long as short
Lighter RH HYPE	+0.0096%	1h	94.344	−0.024%	$3.2M	$11.1M	20x	as long as short
Popdex HYPEUSDT	+0.0096%	1h	94.307	−0.063%	$78K	$1.2M	50x	as long as short
Katana Perps HYPE-USD	+0.0100%	8h	94.340	−0.028%	$17K	$1.7M	10x	as long as short
Nado HYPE-PERP	+0.0100%	1h	94.299	−0.072%	$7.5M	$50.4M	10x	as long as short
Hyperliquid HYPE	+0.0100%	1h	94.391	+0.026%	$2.08B	$688.3M	10x	as long as short
Aster HYPEUSDT	+0.0100%	4h	94.325	−0.044%	$8.8M	$37.1M	300x	as long as short
Pacifica HYPE	+0.0100%	1h	94.346	−0.022%	$10.2M	$15.5M	20x	as long as short
Binance HYPEUSDT	+0.0100%	4h	94.311	−0.059%	$377.3M	$931.6M	75x	as long as short
OKX HYPE-USDT-SWAP	+0.0100%	8h	94.275	−0.097%	$116.1M	$318.7M	50x	as long as short
Gate HYPE_USDT	+0.0100%	4h	94.316	−0.054%	$49.3M	$56.9M	75x	as long as short
MEXC HYPE_USDT	+0.0100%	4h	94.325	−0.044%	$90.2M	$85.1M	100x	as long as short
KuCoin HYPEUSDTM	+0.0100%	4h	94.322	−0.047%	$47.0M	$18.6M	75x	as long as short
BingX HYPE-USDT	+0.0100%	4h	94.294	−0.077%	—	$53.6M	—	as long as short
Backpack HYPE_USDC_PERP	+0.0100%	1h	94.340	−0.028%	$7.2M	$10.3M	20x	as long as short
Variational Omni HYPE	+0.0100%	8h	94.209	−0.168%	$29.1M	$55.5M	—	as long as short
GRVT HYPE_USDT_Perp	+0.0100%	4h	94.298	−0.073%	$7.6M	$47.6M	10x	as long as short
ApeX Omni HYPEUSDTshort	+0.0100%	1h	94.261	−0.112%	$363K	$1.0M	50x
StandX HYPE-USD	+0.0100%	1h	94.332	−0.037%	$682K	$2.7M	20x	as long as short
Vest HYPE-PERP	+0.0100%	1h	94.380	+0.014%	—	$243K	5x	as long as short
Polymarket Perps HYPE-USD	+0.0100%	1h	94.324	−0.045%	$495K	$2.8M	20x	as long as short
SunX HYPE-USDT	+0.0100%	4h	94.388	+0.022%	$32K	$1.6M	20x	as long as short
SoDEX HYPE-USD	+0.0100%	1h	94.332	−0.037%	$2.1M	$1.9M	10x	as long as short
HTX HYPE-USDT	+0.0100%	4h	94.500	+0.141%	$1.4M	$6.8M	75x	as long as short
Bulk HYPE-USD	+0.0100%	1h	94.275	−0.097%	$218K	$15K	10x	as long as short
Extended HYPE-USD	+0.0104%	1h	94.253	−0.120%	$18.2M	$43.3M	50x	as long as short
Aevo HYPE-PERP	+0.0104%	1h	94.412	+0.048%	$399K	$159K	20x	as long as short
Coinbase International HYPE-PERP-INTX	+0.0120%	1h	94.410	+0.046%	$4.7M	$6.2M	50x	as long as short
GMX HYPE/USD [WBTC.b-USDC]	L +0.0151% / S +0.0022%	1h	94.369	+0.003%	$1.4M	—	100x	as long as short
Injective HYPE/USDC PERP	+0.0205%	1h	94.440	+0.078%	$31K	$339K	12x	as long as short
Deribit HYPE_USDC-PERPETUAL	+0.0248%	1h	94.424	+0.061%	$7.5M	$4.3M	50x	as long as short
Reya HYPERUSDPERP	+0.0272%	1h	94.250	−0.124%	$78K	$129K	15x	as long as short
BloFin HYPE-USDT	+0.0340%	4h	94.317	−0.053%	$16.9M	$12.3M	75x	as long as short
Kraken Futures PF_HYPEUSD	+0.0412%	1h	94.403	+0.038%	$20.2M	$30.4M	50x	as long as short
RISEx HYPE/USDC	+0.0559%	1h	94.355	−0.013%	$3.2M	$6.4M	20x	as long as short